Crypto robots use algorithms that execute orders at specific market conditions. Google searches for crypto robots in Australia peaked in 2022 and continue to rise, according to a report by Invezz.com.
Institutional traders and investors create or rent their bots, whose algorithms scope markets for the right trade setups. These include trading a breakout or finding oversold assets. Under the right conditions, crypto bots run scripts that set position sizes, execute trades, use stop-losses or take profit orders, and close positions automatically.
Invezz.com provided us with three crypto trading bots that have made headlines lately in Australia.
The number of Google searches for this bot has been increasing steadily, peaking at 100 a day on January 19. Outlook India wrote that its software minimizes the likelihood of losing to less than 1%.
This crypto trading platform uses the latest technology to carry out market research and transactions. The system evaluates patterns, stats, and signals to predict potentially profitable trades. It uses the data to make trades on the user’s behalf.
Immediate Edge has a 24/7 live chat staffed by humans to whom you can always reach out. The customer service is very responsive.
Searches for this app reached 100 on January 12. Its name comes from the fact that it uses quantum computing to carry out crypto trading. Quantum computing can help people make better decisions because it analyzes multiple data streams simultaneously.
The bot lets users trade contracts for difference (CFDs). Those are derivatives that allow you to buy or sell a cryptocurrency at a certain time and price. They make it possible to choose short or long positions in crypto trading. The bot is effective and intuitive.
News outlet TrustPedia reports the app to be legit and safe. It connects users to CySEC-licensed brokers and charges no fees for its services.
The Oil Profit app’s purpose is to help users trade oil more easily. We had tried numerous oil trading apps, so we didn’t expect anything special from this one, but we were pleasantly surprised. It doesn’t take long to sign up; the entire process transpires in a few simple steps.
The app essentially creates a strategy on your behalf and applies it. Ideally, it will generate a profit from oil trading. It uses oil trading bots to achieve this. The trading outcomes largely depend on how the market moves.
Oil Profit seems to be popular, averaging 70 searches a day over the past three months. Crypto News writes that Oil Profit’s claimed win rate is up to 90%, higher than the win rate advertised by many comparable services. However, it may be possible that the app achieves this win rate only for a short, specific period of time.
Do crypto robots work?
In a nutshell, some are more effective than others. They aren’t perfect because their developers created them based on historical data, which won’t necessarily be replicated moving forward. On the plus side, they are created using the latest technology in the fields of machine learning and artificial intelligence, which makes them efficient and fast. They also take emotions out of crypto trading.
Much of the crypto market remains unregulated, and some fake bots exist.
The experts’ take
We asked experts from Invezz how to tell if a crypto bot is profitable and learned there’s no surefire way, but you can do tests, run them in demo mode, read reviews, and assess the code to tell the good from the bad.
Backtesting is where you use the bot to go back in time and see how well it would have functioned.
It’s a good idea to read online reviews before you commit to a crypto trading robot. Stick to legitimate review sites and objective evaluations.
If you can understand computer code, evaluate the code behind any bot you’re thinking of using.